Part A During its first year of operations, the McCollum Corporation entered into the following transactions relating to shareholders' equity. The corporation was authorized to issue $110,000,020 common shares, $1 par per share. Required: Prepare the appropriate journal entries to record each transaction. Jan. 9 Issued $70,000,000 conmon shares for $30 per share. Mar. 11 Issued 5,300 shares in exchange for cuaton-sade equipment. McCollum's shares have traded recntly on the stock exchange at $30 per share. Part B A new staff accountant for the McCollum Corporation recorded the following journal entries during the second year of operations. McCollum retires shares that it reacquires (restores their status to that of authorized but unissued shares) Ceneral Journal Credit Debit 4, 000,000 Jan. 12 Land Paid-in capital-donation of. land 4,000,000 4, 000,000 36,000,000 Sept. 1 Common stock Retained earnings Cash 140,000,000 2,000,000 Dec Cash 2, 000,000 common #toek Gain on sale of previoualy isaued 70,000,000 Prev 23of 23 EE? Next MacBook Pro 5 8 0